1. UNIVERSITY OF CONNECTICUT Student Managed Fund March 11, 2004 Undergraduate Portfolio Timothy BlaisPatrick MastanEmeka Okafor Kristen CandellaDaniel McCarthyTodd Shrier Edmund ChungPhilip OdackalTimothy Sweeney Julia Yelevich George Kruglov

2. Mission To employ a systematic approach consisting of both quantitative and qualitative fundamentals to identify companies that possess strong growth potential and above average return.

3. Portfolio Objectives Outperform the S&P 500 index Develop a well-diversified portfolio Invest consistently with market forecast

4. Industry Selection Quantitative Analysis Qualitative Analysis Valuation Models Portfolio Monitoring Re-optimization Stop Loss/Review Analysis Stock Selection Process Portfolio Discussion Group Vote

5. Value

6. Performance Period Return on SMF Return on S&P Outperform (09/04/03-02/24/04)15.43%11.11%4.32% (12/08/04-02/24/04)9.53%6.81%2.72%

7. Performance

8. Risk Assessment (As of 12/8/03) Symbol Beta of (12/8/04) Percentage of PortfolioWeighted Average Beta ANF1.619.41%0.152 BUD-0.15.01%-0.005 CSG0.047.45%0.003 EAT0.343.81%0.013 HDI1.17.19%0.079 MO0.38.13%0.024 MSFT1.649.89%0.162 PAYX0.767.39%0.056 PFE0.3810.67%0.041 TJX0.897.40%0.066 S&P 500123.64%0.236 Portfolio Beta 0.827 *Beta as of 12/8/03 obtained from www.multexinvestor.com

9. Risk Adjusted Performance (12/8/03-02/24/04) Return on Portfolio (Rp) Return on S&P (Rsp) Risk Free Rate (Rfr) (12/8/03-02/24/04) 9.53%6.81% 3.28% Excess Return (Rp-Rfr) 6.25%3.53% Risk (Weighted Average Beta) 0.8271 5-yr T-Bond Treynor Index 7.56%3.53% (12/8/03) T=[(Rp-Rfr)/B]

10. Attribution Analysis Allocation Effect Selection Effect

11. Sector Allocation Effect (12/8/03-2/06/04) SectorSMFS&P 500 Sector return (12/8/03- 02/6/04) Excess returns S&P Sector - **Overall S&P Sector allocation Contribution Information Technology0.21920.17750.0575-0.0112-0.0005 Consumer Discretionary0.47090.11020.0543-0.0144-0.0052 Consumer Staples0.16840.11020.05-0.0187-0.0011 Health Care0.14150.13640.0890.02030.0001 Utilities-0.0280.0565-0.01220.0003 Financials-0.20910.07860.0099-0.0021 Energy-0.05670.08980.0211-0.0012 Materials-0.02860.011-0.05770.0016 Industrials-0.10780.0667-0.0020.0002 Telecommunications Services-0.03550.13110.0624-0.0022 Total-0.0099 **S&P performance from 12/08/2004-02/06/2004 was 6.87%

12. Security Selection Effect (12/08/03-02/06/04) Overall Return Difference = ***SMF Performance - **S&P 500 =.0070 or 70 Basis Points Security Selection Effect = (.0070) – (-.0099) =.01693 or 169.3 Basis Points **S&P performance from 12/08/2004-02/06/2004 was 6.87% ***SMF performance from 12/08/2004-02/06/2004 was 7.57%

13. Current Holdings Company Name Current Value (As of 02/24//04) Holding Period Return (As of 02/24/04) Cadbury Schweppes$19,894.0031.87% Altria$18,499.0020.85% Pfizer$24,284.0019.82% Brinker$9,182.5019.56% Abercrombie & Fitch$23,584.0019.11% Tj Maxx$17,617.5016.55% Harley Davidson$17,537.0013.60% Anheuser-Busch$10,756.007.99% Microsoft$21,227.306.21% Fossil$20,430.902.88% Mattel$20,053.440.48% Paychex$13,660.00-12.82%

15. Holdings Returns

16. Forward Expectations Market Outlook –Historical Return –Value of Dollar –Inflation –GDP Risks –Credit Risk (S/T vs. L/T) –Unemployment –Budget Deficit

17. Conclusion Retrospection Self-Analysis

18. Thank You The Foundation The Advisory Board Faculty –Patrick Terrion, Professor Ghosh, Steering Committee

19. QUESTIONS? QUESTIONS?